Bitcoin drops by 6% as Trump’s cryptocurrency reserve fails to meet expectations

Bitcoin has dropped by approximately 6% following US President Donald Trump’s signing of an executive order to establish a Strategic Bitcoin Reserve.

Market participants were hoping for the government to announce a plan to purchase more Bitcoin (BTC), but Trump’s crypto advisor David Sacks stated on X that they would only utilize the Bitcoin already in their possession from criminal cases, although they would explore “budget-neutral” methods to acquire additional Bitcoin.

Bitcoin saw a decrease of about 6%, dropping from $90,400 to $84,979, according to CoinMarketCap data.

Bitcoin has slightly recovered since then, trading at $86,460 at the time of publication. Source: CoinMarketCap

Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA) also experienced declines following the news, as Sacks confirmed the establishment of a “U.S. Digital Asset Stockpile,” which would solely consist of digital assets seized in criminal or civil cases.

“The government will not acquire additional assets for the Stockpile beyond those obtained through forfeiture proceedings,” stated Sacks.

In the last hour, Ether has fallen by 4%, XRP by 7%, Solana by 5.14%, and Cardano by 9.19%.

Source link

#Bitcoin #plunges #Trumps #crypto #reserve #falls #short #hopes